Experts predict that 2020 could be a record-setting year for the North Texas housing market. The expected rise in home sales and construction could be enough to push area home numbers to new highs, according a recent article in Dallas News.
“We are looking for you guys to have a good year in 2020,” says James Gaines, chief economist with the Real Estate Center at Texas A&M University. “Housing construction permits we are forecasting to be up somewhere between 8% and 9% in DFW. Home sales by Realtors will probably see a 4% increase.”
Median home prices in Dallas-Fort Worth are also projected to increase by as much as 5% in 2020, if mortgage rates stay low. While experts don’t foresee anything more than a moderate increase to the historically low rates, buyers are feeling the pressure to take advantage while they can.
“Low interest rates give people purchasing power to go buy a house,” says Gaines. “I’ve got a feeling that the general populace is beginning to feel like the period of relatively low interest rates and still relatively low housing costs won’t last long.”
For more information on what 2020 has in store for the DFW housing market, read Steve Brown’s article in full at dallasnews.com.
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